The purchase announcement follows hard on the heels of Van Leeuwen going into receivership, appointed to the vendor by its lenders.
NZRL says it has conducted due diligence on the farming assets and some potential lessees over the past four months.
The conditions include approval by NZRL shareholders and the termination of the receivership.
The agreement covers 6350ha, comprising seasonal supply pastoral dairy farms, hybrid grass-based grazing and cut and carry winter barn farms, and dairy support blocks.
The farms will be leased to three NZ farming groups: three to Sustainable Grass Dairy; five to Performance Dairy; and six to Performance Livestock.
The lease agreements have an average aggregate annual rental of $5.8m, with an initial term of 11 years and two 12-year rights of renewal.
There are related potential acquisitions of 866ha and dairy assets to follow the major transaction, which has a June 1 settlement date.
After completion it appears Aad and Wilma van Leeuwen will continue to own and operate at least one dairy farm.
NZRL was listed before Christmas when it raised $75m at an issue price of $1.25.
Shares have since traded in a range of $1.20-$1.13 and the price rose 5c after the big announcement.
